A flat exchange rate and no downgrade from Moody’s has resulted in relatively stable diesel and oil prices, and only slight petrol price increases.Automobile Association 95 octane petrol is set to go up by 11 cents a litre, and 93 octane petrol by seven cents a litre.
There is a glimmer of hope for owners of diesel vehicles though, with current data showing an 18-cent decrease for diesel and a 21-cent drop for illuminating paraffin. The AA explained that the Rand/US dollar exchange rate has been flat, which contributed to a small decrease in fuel prices. A similar situation is facing oil prices, with international prices running “neck-and-neck for several days last week”, they explain.
The statement adds that Moody’s choice to assign South Africa with a change of outlook instead of a downgrade has also allowed the economy to take a “breather”. The association said that the slight petrol price increases will hit South Africans looking to go away for the December holidays hard, but diesel price decreases will be greatly beneficial to the manufacturing and agricultural sectors.
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